Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund.
[That is £3.4 TRILLION. A trillion is bigger than a million, more than a billion, it’s 1,000,000,000,000 (and even or 1,000,000,000,000,000,000 in some countries). Yes, those are 18 zeroes in that last one. Either way, this is such a large number that it’s hard to imagine.]
The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments.